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Appetito is building Instacart for Egypt and has raised $450k in seed funding
techcabal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techcabal.com Daily Mail and Mail on Sunday newspapers.
Egyptian E-Grocery Startup Appetito to Expand After Saudi-Led Funding
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Appetito raises $450,000 seed
Egypt-based e-grocery startup Appetito, has raised a $450,000 Seed funding round from a group of Saudi Arabia-based angel investors led by Ahmed Al Alola as well as Afropreneurs Fund, with participation from Jedar Capital.
Launched in March 2020 by Shehab Mokhta, Appetito operates via a dark store model. Products are sourced from manufacturers and stored in mini fulfilment centres, which enables the company to deliver groceries in under 60 minutes.
Appetito started off by selling a wide range of private label products, covering Cairo, Giza, and Alexandria.
The startup’s portfolio includes more than 1000 stock-keeping units (SKUs).
Press release
Apetito, a Cairo-based grocery startup has raised a $450K Seed funding round raised by a group of Saudi Arabian Angel investors led by Ahmed Al Alola, an early-stage investor who was one of the early backers of Nana and Sary, alongside Afropreneurs Fund, an African early-stage technology fund that has
1. Japan-based VC secures $18.4m to support African startups
Samurai Incubate, a Japan-based VC, has secured a $18.4 million fund to invest as pre-seed, seed and Series A investments in African technology startups.
The fund, which has been described as oversubscribed, is the Samurai Africa 2nd General Partnership fund incorporated by the VC.
Launched only three years ago, Samurai Incubate has designed and managed six funds in Japan, through which it has backed around 130 startups.
In May 2018, the VC established the Samurai Incubate Africa and has so far invested in 26 African startups including Eden Life, Evolve Credit, Shyft Power Solutions, Oneport and Pricepally.